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tv   Market Makers  Bloomberg  October 24, 2014 10:00am-12:01pm EDT

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although we do not know the real accomack applications for that. implications for that. >> thank you. ♪ li from bloomberg headquarters in new york, this isve "market makers" with erik schatzker and stephanie ruhle. >> they are on the hunt for thene who may have come -- doctor may have come in contact with before he was officially diagnosed with ebola. forecastline retailer sales and earnings that missed estimates. will jeff bezos rethink his strategy? >> cutting the cord. bad news for cable operators. it is getting easier to pull the plug and sign up for video
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instead. welcome to "market makers." i'm stephanie ruhle. >> i am matt miller in for air schatzker. lucky me on this friday. i hope things don't get too out of hand. usually the day i will not say go off the rails, but it gets a little cray cray. if olivia shows up, things will go bonkers. >> breaking news to keep us grounded. new home sales are out. >> you guys are a right on this friday. breaking news as it pertains to new home sales for the month of , just belowsing estimates of 470,000 from analysts we surveyed at bloomberg. august whichf the
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was a six-year high. august newmont sales revised down by 7.5%. new home sales for last month down just a tad compared to the analyst figures coming in at 457,000. 467,000. >> let's bring in the guy who knows the difference. for more on new home sales, let's bring michael mckee. give us the real deal. news because it is kind of bad news. we thought we would have a big decline in new home sales, and we did not. the reason is new home sales back to july were revised lower. there was an 18% gain last month. they have changed that. 5004,000.
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it now goes to 467,000. nobody expected this. the rise was 1000 homes instead of a big drop, but we are still below the level we thought we were at. >> do we think the loosening of standards is going to change that? not sobecause this is much a question of affordability with new home sales. there are a couple of overhangs hitting builders and reducing confidence. one is we are not forming new households as fast as we used to, so we don't have as many first-time buyers coming into the markets. you have still got an existing home overhang. a lot of houses that were not sold, in foreclosure, etc. there has been enough inventory to cover what was needed. builders have not been putting new homes into the ground at the pace we need. it is still below historical levels. >> what is the historical level? what is normal? timeu have to look at the
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you are looking at. in the last decade, you were around one million a year. probably a hundred thousand is what people say -- 800,000 is what people say will be normal. new home sales matter to gdp even though they are 15% of the overall housing market because construction spending goes straight into gdp and results in hiring of construction workers that we are not seeing at this point. >> that is what matters in terms of new homes. do you know what matters to me? we are going to have to go with a wide shot. no wide shot on michael mckee's pants? down to getan the baby blues? i'm going to break away from this and give the viewers the top 12 global business stories
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of the moment. amazon shares to the dive after the retail giant forecast fourth-quarter sales and profits that missed estimates. it proposed its worst yearly loss in a dozen years. jeff bezos has continued his spending spree on everything tom drones to phones original programming for amazon's prime service. shares of microsoft are rising. the world's biggest software estimates that beat estimates. he's trying to turn the company around and his efforts are grainy -- gaining traction. the analyst had another suggestion for how microsoft can remake itself. >> if they can create great apps , they can focus on more of what they are doing on the retail side. >> another analyst says he is
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encouraging -- they are encouraging investors but under-promising and over-delivering. that old trick. amc has agreed to buy almost half of bbc america. the price? $200 million. who" and " has "dr. top gear." the combination will give both networks more leverage when they are negotiating with pay t.v. those are our top stories. >> procter & gamble is getting out of the battery business hoping to spin off duracell into a standalone company and give shareholders the option of exchanging p&g shares. the aeg wants to get rid of as many as 100 of p&g slow selling brands. city has nowgest
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seen its first case of ebola. a doctor who returned from west africa just over a week ago has tested positive. craig spencer is being treated in an isolated ward -- isolation ward at bellevue hospital. that is where shelby holliday is. give us the latest. >> we are approaching the 24-hour mark. dr. spencer was taken here and put in isolation around noon yesterday. he traveled to guinea to treat ebola patients with doctors without borders. he returned about 10 days ago and was monitoring his own symptoms. he was feeling sluggish but it was not until yesterday his fever climbed high enough to alert officials. as soon as he called officials, they acted quickly. they took him from his apartment to this hospital in full hazmat gear. they cordoned off his apartment. they've started alerting the community. they are passing out information
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near his apartment. they also tested his blood quickly. last night, results came back positive that we did have the first case of ebola in new york city. >> how about all the things he has done and places he has been over the last week? what are we seeing happening? >> we know he rode the subway shortly were for -- before he reported his temperature. he was in a bowling alley, an uber car. he has been on runs. he was feeling sluggish but did not develop symptoms until yesterday. health officials are trying to track down anyone who may have had contact with him. we are told his fiancée is in quarantine at the hospital and two others are closely monitored because of their close contact with dr. spencer. >> we know what officials are doing to try and stop the spread of this disease. what are they doing to try to ?top the fear, the freak out everyone is talking about not
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riding uber and the subway. you are not at risk of getting this unless you're swapping fluids with the guy and he is feverish, right? >> which hopefully does not happen on the subway. >> or in an uber car. [laughter] >> uber did release a statement saying the driver and any other passengers were not at risk. we have seen officials moved quickly trade they are trying to be as transparent as possible posting statements online, notifying the public, keeping us updated on what is happening. peoplee emphasizing that are not at risk unless they had close contact. we have also seen the cdc dispatch a special ebola response team. they were on their way last night. they could be here right now. bellevue hospital says they are prepared. they have been practicing, doing drills. they were working on fake patients and doing exhaustive
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training putting on and taking off protective gear. everyone says they are ready. we did talk to health officials in the lobby, and they say they are ready. they are worried. there is no guarantee this will not spread. >> they are ready but they have never seen a bull in new york. thanks for giving us the latest. she will be at bellevue hospital throughout the day. >> even if it were not at risk, we will still sound the alarm and bring in the director of the earth institute at columbia university. he also serves as special advisor to the u.n. a west africa, this is serious problem that cannot be overstated. in the u.s., it does not look like we are looking at an outbreak that is difficult to deal with. do i see that incorrectly? >> obviously, there is reason for concern. i think the steps being taken as soon as this dr. became symptomatic, he was taken with
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precautions to in isolation area. this is the kind of step we need to prevent this from becoming a contagion. thise returning from region, especially if they have been in the front lines have to be monitored and monitoring themselves very closely. those are the new rules. anyone coming from the west african impacted countries needs temperature morning and evening everyday for 21 days after arriving in the united states. publicre the basic health steps needed to prevent be a spreading contagion from containing one. >> monitor or quarantined? he returned over a week ago. well feeling sluggish, he did go for runs, ride the subway, and go bowling. is the right measure just up and be quarantined for 20 days when
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you return from the front lines in west africa? is people the idea pre-symptomatic are not infectious. findingiew changes by he spread the disease to someone else, i am sure the protocols would change. but what is understood from hundreds of cases carefully studied is pre-symptomatic individuals are not contagious trade this is a test. if you quarantine people for 21 days, you also tremendously complicate real life for lots of people in ways that would be disadvantageous also. this is a dr. who was in the front lines of saving people.
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there are many people going back and forth involved not on the families who cannot be quarantined. they are not at risk themselves. quarantining non-symptomatic people does not make sense. do we have to keep watching and learning every day. >> i do not want to put you on the spot. you are an economist. the risk of this virus mutating into something that becomes more contagious seems low. other virusesl that have mutated to become airborne. what do you think about that? >> we are all talking to our experts. that is the view i hear from them. the kinds of mutations for this to change would be extensive and and noty unlikely before seen in ebola outbreak
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spread this is not the first outbreak. in west africa, there are many. that means there is an extensive scientific ace. at a conceptual, lab, and experience level, but has not happened and is deemed unlikely to happen. >> thanks for joining us, the director of the earth institute at columbia university. >> i know you are not scared. >> i am not scared. >> not at all? >> not at all. i am not scared but i am concerned. you know why? because before i am america, i an, i am human. >> i feel it we have it under control. >> investors punishing amazon. some are wondering if ceo jeff bezos will change his strategy. until yesterday, no one asked him. caps,n it comes to fed
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they're making things worse. that is the opinion of bill cohen. he is here to talk about it. he will be in a moment. ♪
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>> welcome back to "market makers." with myphanie ruhle special guest host matt miller. [laughter] matt is in then house. is the love affair between investors and amazon coming to an end? stocks took a dive yesterday after reporting disappointing earnings as it heads to the holiday season. an analyst says things are not as bad as they look. he joins us from san francisco. the company posted its biggest quarterly net loss since 2003. i need you to walk why you are optimistic.
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visionary,is a talented, incredible for consumers. but shareholders? amazon as a company takes a long-term view. for shareholders, they need to share that perspective as well. core businesss exceeded expectations if you back out the headache it is feeling in terms of the fire phone launched in terms of profitability. the question is in terms of q4 and revenue growth. we don't see anything particular to amazon that would depress growth numbers. if you look back, 11 out of 11 quarters historically, they have achieved the high end or higher than profit guidance in q4. >> as a professional covering companies like this, managers like this, for years, can you
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see someone like jeff bezos moving to act in the shareholders' best interest? does someone like millionaire jeff bezos mostly act in jeff bezos' best interest ? >> part of what jeff bezos has been able to capitalize on is a long leash from shareholders who view him as a magic leader of sorts. that is part of the flexibility he has in investing in a lot of different initiatives long-term. hone, than fire p which we think has been a failure to this point, there have been other initiatives where they have pulled back on it investing, including their auction site and search engine. was interesting on the call yesterday is they pointed out amazon will be more selective where they are investing. that is a slight change in tone. >> issa they have a long-term view -- you say they have to have a long-term view. how long?
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>> you have to believe amazon can sustain high above market growth rates and is managing the business toward a slight profit. we think it is too early in the cycle for amazon to harvest profits. they still have less the 5% of sales. for amazon, it is about capitalizing on market share and topline growth. >> if the biggest loss in 12 years did not do it, what will it take for investors to punish the p/epany as far as ratio is concerned? it does not seem this company has the biggest loss in a dozen years if you look at their value. >> there are not many investors currently holding the stock valuing the company on a p/e basis. people are looking at revenue,
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gross profit. >> you have to earn money for that to work. the company focuses on free cash flow. that is the way the management team is oriented. at some point in the future, there is a lot of leverage potential at amazon. they are telling investors that will come over the long-term, not to expect a lot of leverage in the next few years. >> for the most part, shareholders follow the word of jeff bezos and have faith. a target for a carl icahn type activist to say i will not believe, i will put you to task? >> i do not know if amazon will be the target of an activist investor. amazon has a strong shareholder base. they have a leading position in their markets. i would compare amazon more to google or apple than to some of the more challenged companies
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that typically are the focus point of activists. talkings for joining us about amazon, which never gets boring. you have got to give jus jeff bezos that. >> i love it as a customer. >> i want to try the fire phone. i did not realize they had come out yet. i go to radioshack for my drones. "market makers" is going to take a quick break. we will be back in one moment. ♪
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>> coming up, who is helping the rich get richer? according to bill, it is the federal reserve. bill will be here next. >> he will be here. it is comcast's worst nightmare.
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millions of subscribers deciding they do not need cable, and they are cutting the cord. is this finally happening after we have been talking about it for years? we will find out. ♪
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>> live from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephanie will. >> welcome back to "market makers." i'm stephanie ruhle. the less i amer matt miller. >> we are asking, are there winners and losers from the quantitative easing program? bill thinks so. he says cuny is only widening the groep at -- gap between the rich and poor -- he says the
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q.e. is only widening the gap between the rich and poor and burying 62 million americans living in the bottom half of how close will -- household wealth. >> i do not think anyone would disagree there are winners and losers. the question is to what degree. >> you tell me. >> surely there are winners and losers. inhow has qe helped people cleveland, ohio? >> i don't disagree. surely there are some people in cleveland and the fitting from it. lebron? >> yes, he has brought his talents to cleveland again. this came about because about a the ago, janet yellen, chairwoman of the federal reserve, was in boston talking about inequality, which is an amazing thing for a fed chairman to talk about. usually they don't talk about
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income inequality very often. that got me thinking. the quantitative easing program in its fourth or fifth year started by bernanke and ratified and continued by janet yellen is making life more difficult, as opposed to better, and making the disparity between rich and poor wider than before. >> this is my point exactly. as benjanet realizes bernanke did that fed policies contribute to inequality in some sense. >> you would think. withhere was an interview the head of the boston fed who said the opposite is true. quantitative easing policies are helping the poor. i think the fed may be somewhat deranged in their thinking. they may not understand exactly
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what their own policies are doing. >> two days ago, i sat down with carl icahn. he said we need to understand what low interest rates have done, unintended consequences to our economy. the doctor is giving the patient too much medicine and does not know how to stop the medicine. every time we start pulling back and saying you will get less medicine, something happens to the patient. the day will come when they cannot keep doing it. zero,ep the fed rate at but you cannot do that forever because you're going to start having consequences you cannot even think about. >> last week during market volatility, we saw hedge fund managers get hurt. if qe comes to a head, who will get hurt? >> america and the markets will be better off. not the guy in
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cleveland looking for a mortgage. >> that is not true. the guy in cleveland cannot get a mortgage now even though interest rates are low. fiveact of the matter is or six years ago, if you could breathe, you could get a mortgage. theput and alone -- pendulum has swung the other direction. you cannot get a mortgage despite the fact that rates are so low. >> that is not true. >> i disagree. >> the guy in cleveland, if he is having difficulty getting a mortgage, you can get a loan for a car. there are a lot of loans at lower interest rates going easier because of qe. >> mr. american consumer, get leveraged again. we know that is not a good thing. >> getting leveraged is what got us in a bad position in 2008. instead, let's look at income inequality and wages for skilled workers. that should be addressed.
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not, can you get a loan for a car? >> the fed has been artificially depressing interest rates. i completely agree with carl icahn. he is not the only smart hedge fund manager who feels this way. been -- them have >> tactically long the market but underneath, they have been bears. we had michael saying i would not touch banks with a 10 foot pole. as soon as the ecb, the fed steps in, you have got to be long the market. but look at europe. youth unemployment is 50%. people in greece to not pay their taxes. that has not changed. >> around the world, everybody is copying bernanke. central banks around the world e's copying bernank quantitative easing. it is a morphine drip in capital markets.
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take it out and people will feel pain for the first time. having the markets determine interest rates is what it is all about. >> i agree 100%. but it is interesting to hear tout this austrian philosophy. would you prefer no qb at all? >> i find myself agreeing with steve forbes the other day was interviewing the other day. he has written an interesting book called "money." we could not be more political he opposed, yet we completely agree on this issue. >> i agree with him quite often. >> the article caught my eye this week. goldman sachs has a sexual discrimination suit. two former female employees say -paid and noter treated as well.
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a sexual harassment comes across the board, here is the money, thanks for playing. not only are they not playing, they have brought in their own consultant to look at how employees are paid and treated. does it surprise you goldman sachs pushed back on this? >> absolutely not. goldman sachs will defend itself against any charge. big corporations do. it is not just goldman sachs. you bring a lawsuit against a corporation that goes to the heart of the way they treat people, of course they will push back because they disagree with that notion. that does not mean it is not true. it does not mean these women were not treated this way. chapter in my book called "it is a white man's world." it is about how women were mistreated. lazar was founded in 1848.
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2005 or 2006,nd it was treating women in a way none of us would be proud of. by the way, they may still be. >> do you think the way employees are treated, women and minorities, it is a new world? >> super conscientious for banks? i don't know if i would use that word. they are trying hard. they know it will be an issue. they know they will be excommunicated if they do not treat people better, and they should treat people better. >> i would say they are incredibly conscientious. >> they are trying, but it doesn't always work. >> i like going to women's events for banks. i have yet to see one of them put a woman in a ceo job. i think they are trying but a lot of lip service. what do you think? the ceoi'm interviewing
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of a bank who is a woman, i will believe it. >> like it or not, what it takes to get to the highest levels at these firms can be incompatible -- >> be careful. here we go. >> it is hard for women to get to the top. look at my friend, the woman who was the cfo of -- she was incredibly smart, very competent, well deserving. yet she could not take it anymore, and i don't blame her. it is very hard at the top. >> i would not be able to either. >> sociopathic? >> she left. >> bill, always a pleasure. >> when we come back, for cable operators, it is a millennial meltdown. we have been warning for a long time about this generation cutting the cord. is it really happening? more on "market makers" next. ♪
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>> the revolution will be streamed. there is no denying the explosive growth of online video streaming and the growing masses cutting the cord, eliminating an internetfavor of connection and a netflix login. olivia sterns joins us with more. it is really happening? >> it is really happening. because i wasal born just after 1980. >> the segment is over. thanks, olivia. >> it is really happening. because you can watch bloomberg, you're cutting off your expensive cable bundle. the millenials, it is more accurate to call them "nevers." they paid for channels they
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never watched, now they are choosing to stream online. they tend to be a urban, i tech areas -- they tend to be urban, high-tech areas. it is to be more female than men. men want espn. women tend to be opting out more of the pricey cable bundles or cord shaving. >> the first point i want to is it happening in big numbers? no. if you look at the whole world -- >> would you say the media is overblowing something? >> that is right. >> it is not happening as much as you think. how do you get the internet if you don't have the whole cable bundle? >> how do you get the interweb? [laughter] >> if a cable company already
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has you for internet, they may or may not have you for landline phone. let's say they at least get you for internet. i remember talking to rob marcus and the ceo of time warner cable. they told me, we are a broadband company that offers television as a luxury service to our customers. >> really? >> we will give you broadband and throw in t.v. if you're willing to pay extra. >> i'm willing to pay as much as i can for the best broadband. i have to have a phone line for my alarm system. that is another $20. >> here's what cord shaving is. right now you get all-you-can-eat for next a $50. we have already started to see cable companies offer smaller, more personalized bundles of channels. you don't want all 300? and you'lle you 50, pay a little less on top of the money you are already playing -- paying for broadband. >> wriggling to see them examine
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the other 150 channels -- are we going to see them examine the other 150 channels we don't watch? >> it is happening at the margins. directv and time warner cable have come out and said our bundles are too big. ceo's of cable companies are saying our bundles are too big, we don't need this many channels, no one is watching them. ratings are down across the board. whoust heard steve burke runs nbc say we have great cable channels. it is unrealistic to think the ratings will be higher five years from now than they are today. the ceo's of the programming companies and operators are saying no one is watching these things like they used to be, so we have to do something different. >> the number of people piping in espn is down. >> maybe we can put back up the numbers. you cannot just throw up random charts. [laughter]
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95.2 million households have espn. is this a decline? >> yes. >> about 4%, as i can see from the chart. you can see a decline across the spectrum. >> what happens when millenials grow up? >they are less likely to sign up for a cable deal. you get married and have children, let's see what happens. >> we did not see amc. >> where is my network? >> the point of the chart was the network that has been shaved the most is espn. the others have been shaved less because espn is the most expensive. there is a growing number of people finding their paid t.v. providers are offering away to still get channels but not espn. wayhat is standing in the of espn truly realizing they are the only viable game and cut
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themselves? is it because they are owned by disney and need to help the family? >> you have got it. they are bundled with other abc networks. espn charging providers a ton of money for it in conjunction with the other networks abc offers, lifts all other boats. >> what can you not live without? >> espn. >> nickelodeon. >> i would say hbo, showtime. >> now hbo is over the top. what would you guess mine is? >> bravo. >>! yes! ! >> we have to go. i have to cut you off. a quick break. "market makers" back in two. ♪
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>> welcome back to "market makers." i am stephanie ruhle. she is the athlete transforming the way we think about female basketball players. i sat down with the wnba superstar and asked if she is changing again for female athletes. take a look. >> that is the goal. it is to encourage people to lead a healthy and fit lifestyle, and that it is ok to make fashion and sports intertwined. you can wear it to the mall, the movies, outside the gym. i love the fashion. the jackets we had on today, i cannot wait until the line comes out. >> how important is it for you to build the brand? you have got almost more endorsements than anyone in the league. how did that happen? >> i am blessed to work with a great agency in roc nation. they will move mountains as long
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as i continue to work hard and get better every day. they do a great job of putting out there. my job is to be relatable and reach out to my fans and work hard and do my part. >> what is it like for you on the court and with your team members? there are other women in the league who have been playing longer with better records, yet you are the face. >> and respect every athlete and women's basketball player that has come before me and help blaze that trail for me to walk a smoother path. leslie torom lisa cynthia cooper, all those to be like them as far as gold medals and championships. now i understand the process. i will keep putting my foot forward. getting deals,e i am a direct reflection of them and the wnba. i carry that with me every day and try to be a direct or
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flexion of them and represent the wnba and everyone involved to the rest of my ability. >> kevin durant is walking around with a $200 million shoe deal. do you want one? >> i have my headbands going. headband nation is strong. i have many supporting fans who are part of that. eventually, that would be lovely. right now, i love representing the brand and being part of one of the best bands in the world. >> body armor, was that a big get for you? >> absolutely. i'm a big fan of kobe bryant. everyone there is amazing. i love the product. it is good to endorse something you like. i'm looking forward to building a relationship with them. >> is very brand you do not work with that you would like to? >> i would love to tap into beauty. i don't see a ton of female athletes in the beauty realm.
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i think we should be represented by cov girl or mac or loreal. i think we can tap into that world. hopefully taking steps to get into the beauty world and break that glass ceiling. >> do you think you are doing any of this too soon? you have endorsement deals. you are a special correspondent for espn. should you be spending more time upping your game? wnbawas the first all team athlete. i was an all-star averaging 20 points per game. it is about building off of that. i feel like my game matches. i can continue to get better and grind. i know everyone will agree with 100% of my decisions. but what got me to this level is doing things my way. >> you've got to wonder. there has to be some serious in envy on the court. she has only been in the wnba
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frigid of years. she is a superstar. she is a superstar in a sport that has yet to catch on. without the support of the wnba and others subsidizing, they cannot make any money. you have a young superstar walk-in who is dropdead gorgeous with unbelievable style. she does not get major labels, that has got to be tough. >> i do not think women get attractive with other women who are attractive, do they? is that a thing? >> is that i think? [laughter] withmen have an issue other women based on their beauty? [laughter] >> i have never heard of that before. >> spoken like a man who only has brothers. that was one of the faces of nike women. "market makers" will be back in a moment. you will not want to miss the next hour. we will dig deeper into the idea
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of cutting the cord. been silverman will join us for that one. ♪ . .
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>> live from bloomberg headquarters in new york, this is "market makers," with erik schatzker and stephanie ruhle. >> holiday hotseat. ups is forecasting a very green christmas. how will it avoid last season's foul up? we will stick with the company's ceo. earnings of ford fell less than expected last quarter. how will we see the impact of all of the new models including the aluminum f150? >> and cutting the cord. why dropping cable for streaming
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video means for content producers guideline we will speak with tv mogul ben silverman. welcome to the second hour of "market makers." ruhle's dot e >> and i am matt miller in four erik schatzker. >> are you most excited to talk about the aluminum f150? >> and the new mustang. everyone agrees the new f150 is amazing, but they just want -- but they do not know how profitable it will be. i want to testdrive the new mustang. >> let's start with the bulletin, top business stories, earnings afford fell less than expected online the second-largest u.s. automaker had to defend production of its top-selling f150 pickup while he gets ready to make this aluminum-body diversion, as matt called it a game changer. america,uced cost in
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sales rose in china where ford now outsells toyota. that is huge. we will be seeking with ford's cfo in moments. and we are a few days away from the presidential runoff election. nevis is seen as the more business friendly candidate whoever wins will have to deal with a widening budget deficit. investor carl icahn says the struggling taj mahal casino in atlantic city is likely to close up shop. back outs he will not of a deal he made to acquire the taj mahal input $100 million into it, so told it is a money-losing deal, and who does he blame? union workers. >> i did not even want to buy $100 million into it, but it is a complicated thing. have the union
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contracts that you have there because there is no money. the company is just out of money. they do not want to believe it. so you can either close down or we will put $100 million in it, but we cannot put it in and just lose that it is losing even if we can up with the money and, it went interested in $79 come a million dollars a month, and you can't have it. -- $7 million a month, $8 million a month, and you can't have it >> taj mahal -- remember, he saved the tropicana, rescued them, the taj said please call, we are about to shut down. he took a look and said no way. a closer look at that absolutely no way, and against what his advisors told him, he the $100 i will inject million. the problem is, the agreement you have with the unions just does not work economically. a judge ruled to break apart the contract that taj has with the
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union, now local 54 is fighting back. carl went to twitter today to try to get these union workers to understand yes, or their pensions in place, yes. they will be covered by the of formal care act, but what is worse, having no job at all, which is what your face if carl will step in, or not having a job -- or having a job in the union will not protect you? >> a lot of the times the corporate side is bluffing so they end up playing a game of chicken or poker, really, and lose. gray graber and said the same thing to unions at hostess and they did not believe it, and now they don't have jobs, so it works out that way a lot of times. i am sure sometimes the bluff is really a bluff though. >> that is the reason carl went to twitter today. he wrote an open letter and sibley said this is not a time to fight. this is a time to figure out -- what can i do to help keep the taj open?
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he is reaching out to those is not theing now i time to fight come in his ask how do i save the taj? he is willing to do it but guess what, if they do not agree to break the contract, which a judge ruled, he will pull out. without the $100 million injection, they will be out to sea. is whything i don't get don't these investors always going to atlantic city casinos? they are all going bust, they have been going bust for decades -- >> not necessarily -- >> it does not even seem to be a nice play to be done on >> i agree -- idol like -- i don't like atlantic city done you might need to go from $60 million to $80 million and that is a win. cityis not saying atlantic is the new nirvana, but what he is saying if you structure this correctly, we may have a deal
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here. hopefully those union workers are listening. we will soon find out. if this does not work out, this will be the fifth casino closing in atlantic city done we know governor chris christie does not want that. union workers are reaching out asking the governor for help. carl is saying if you want this casino open or closed, it is your choice. >> we are going to shift our focus now to shipping. ups is that with its holiday forecast any shipping giant is expecting a huge december, but what is it doing differently this season to prevent another million packages from being delivered late? here to tell us is kurt kuhn, the chief financial after at ups. >> kurt, how could you join us without wearing the brown shorts? >> he might be wearing the brown shorts? that is why we take this shot -- >> i will never tell. [laughter] talk to me first of all about what you do to dissuade people lastworrying about christmas or to convince them
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that that won't happen again. >> we have been very busy all year enhancing our capabilities, you know, last year we did see an unprecedented increase in late shipments. a number of retailers decided that e-commerce was going to be the key to success, so there was an overwhelming amount of late volume that came in. as we had said early in the year, we invested a significant amount of capital and about 100 summary 5 million have added operating expense this year to technology to commit it with our customers, so we know exact way what is coming. better visibility for any over the road drivers who are bringing goods to us, and on expanded capacity. it will be a robust holiday but we are ready. >> are you expecting an increase in the number of packages shipped this year? >> we are. we think the month of december will have an 11% increase in shipments in the u.s. and the world for the holiday season. >> i wonder what you think about the expansion of the business.
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if you add 95,000 seasonal workers, how many of those actually get converted to full-time hires? >> everyone's and a while we hang onto people. i actually started as a christmas driver some 37 years ago, so in a growing business, it is a great opportunity for people to get their feet in the door or for college student to make a few extra dollars helping to deliver packages. we have a long history. >> since you did start as a seasonal driver, and you do really have a sense of what the economy looks like, give us an idea -- we spent last week looking at the volatile market, how you are affecting professional investors -- how do you see the economy right now? >> we see the u.s. economy continuing to make steady progress. i think the good news is sometimes exaggerated and the bad news is exaggerated, but we are seeing good, steady improvement. one of the big changes we have seen this year really is a beginning to see stronger growth
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in the industrial base in our b2b volume. we think that is a good side that this is not just a consumer-led recovery but that businesses are also shipping into higher gear. >> how to zillow globally, kurt? -- how does it look globally, kurt? what do you see in europe where we get warnings from the imf/ ? >> we have concerns with the european economy, and they continue to work there where out of a tough situation, but this quarter we saw a 14% increase in goods moving across borders within europe, so tremendous change in the economy with the borders becoming less and less of a barrier, so europe is trading within its own borders, and that has been a great source of growth for us. >> what is your biggest concern? what is your biggest problem? >> one of the big problems we have is continuing to adapt our business to meet the
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changing needs of consumers and businesses. e-commerce is an incredible but it does bring a different mix of volume, so we are doing a lot of work to automate our business and to keep up with changing times and also to become more and more global. >> is automating your business going to take jobs out of the ups network? >> typically it just makes productivity higher so that we can grow more rapidly without but it is any jobs, great way to streamline the business and improve service and at even better capabilities for customers. >> what about new technologies? i have been using this app called shyp because i do not usually have time to go to the ups store or to go to the post office or wherever fedex operates. for come and get it for me five dollars, wrap it up and send it off. is this kind of technology helping boost your business as well?
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>> yes, i think it is a period of incredible innovation, and ups sits in the middle of that. our challenge is to adopt quickly. something we just announced that we are bringing to the states is called ups access points, which is a collaboration with thousands. actually, we are over 12,000 retailers in europe and now we will begin growing in the u.s. or ife drop off points, you're not home, you can have your package delivered to the local pharmacy store. it gets a whole new sense of control and ease of use for consumers. continuing to adopt. >> walk me through that one more time. in this new application you are having, i will be able to drop off or pick up my packages that my drycleaners or cvs? >> right. we found a small retailers love the traffic, so when you order on the web, especially in europe where the system -- we have over 12,000 outlets there. you connection a direct that that package gets delivered to
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the dry cleaners every day if you want whenever we get a package, so you will not have to be home to receive your goods, stephanie. >> does that make a difference for you? >> i have been shipping a lot more stuff because of the ease of that i found with this app, and i wonder if it helps your business or if it really boosts competition, kurt. >> ultimately anything that continues to drive more ease-of-use in shipping and receiving goods is a positive. there is always going to be new competitors, and we welcome them and it is fascinating to see the innovation, but it is hard to reproduce the network of hundreds of thousands of people and vehicles that ups has to actually get those goods moving and moving across the country. it is an exciting place for us and our job is to keep ahead of it. >> we are going to leave it there. we know you have a lot of work to do, but i'm telling you -- the next time you're back here, we want the brown shorts. i am just saying. i would like to have my own pair. >> we want to get stephanie and one of those uniforms.
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>> the socks, too. >> we have to you are on the road to deliver some packages. >> thank you so much for joining us. chiefuehn, the ups financial officer, and how amazing is it that he started in 1977 as a seasonal driver? >> that is awesome. when we come back, how hollywood the cable list generation. we will speak with hollywood mogul ben silverman about cutting the cord and about virginity. >> i am not going to talk about that, but i am going to talk about the new mustangs and aluminum pickup trucks. i know matt can't wait. we will be seeking with the see cfo of ford, the one and only bob shanks not ♪
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>> welcome back to "market makers." all day long we have been talking about cutting the cord. the idea of people getting rid of their table boxes and streaming content online. it is a revolution with the viewing habits and what you are talking about revolutionary tv, who is better to talk to than the one and only ben silverman, an award-winning producer and now the chair of his own production house, electus. ben, i want to talk about all of your new projects, especially "jane the virgin," which is matt miller's favorite show, so i'm hoping 40-year-old single man or your demographic. why do you think of all of this cord cutting bonanza? >> is a real?
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is early. it clearly the consumer wants to move to outlook art -- to a la cart. wantwant whenever they when they wanted. it is premature to think that this is going to happen tomorrow and all the big institutional cable platforms have anything to worry about in the short term. i was watching the program earlier before i came on and someone was talking about how this is a little early and that the main supplier of broadband is still your cable company, so you are going to have a relationship with them either way as long as they are the ones inside your home and the main vehicle of how you stream whatever you want to stream, they are still going to be very strong. i just don't think that the consumer right now wants to go through the process of rebu ndling all of their favorite things done i think there will be a very upset husband or a very upset wife who walks home one day and to discover that their favorite channel is not there anymore
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because some because the cord and decided to go cheap. and we love our entertainment. we use it more and more and more as our way to kind of live our lives, so i just oc it happening as quickly as people think it will. >> is it a mistake that we want to go all th a cart? six years ago i do not watch bravo, amc, or showtime, and now they are a big part of my viewing habits. if the consumer one at to go a be missinge at they out on content that they would be missing years from now? >> you don't get the sense of discovery that your friends do in finding a show that they fell in love with just by flipping the channel. i know my viewing habit is still to get into my house and flip the channels. that is what i do. i go home after a long day at work and effort but my son to sleep, and i want to actually surf still got
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i want to surf not the web come i want to surf my tv, and that is something that i enjoy doing and that a lot of people enjoy doing, and television has this element that is so unique in that it creates a real sense of discovery. there is a moment in your living room where you fall in love with an actor or actress or character or series -- >> you are talking, ben, about me and dogs the bounty hunter right there. thank you for always choosing my most qualitative work to bring to the forefront. >> for sure, fear of missing out probably drives an extra hour or two and a half hours of television viewing in my house every night. i almost did not get through the extended trailer of "jane the version." i thought this was aimed at young hispanic women, it is not for me, and then it kind of hit me -- i absolutely loved it. there is a 4.5 minute extended trailer i recommend to everybody .
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what is the deal with this show? walk stephanie through it because she has not seen the trailer. >> i will even dovetail into our conversation -- jane is my new show on the cw, 9:00 p.m. we just picked up for 22 full episodes after airing just the initial two episodes. they ordered nine more it is the most critically, positively received show of the fall, and the show is an incredible high concept. i found the format in venezuela similar to when i found "betty betty." aka "ugly the show is about a woman who is wrongfully, accidentally artificially inseminated, something that i know is very relatable to stephanie and her life. [laughter] >> i am so connected to being a young, latina, accidentally artificially inseminated woman, but besides the theme of this walk us through what
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is most important to you. is it getting to the cw or is it digital? everyone is talking about how important it digital is, but is it for you? where are the numbers on was and i do not :00 p.m. cw? >> monday night, but thank you, stephanie. the numbers are still what we are pivoting off of, so that tuesday morning after the show aired monday in its second airing, the ratings came out and based on those ratings because we were up week to week and doing really well in their time period, we got the show picked up. even though it is about patience and it is about where you are going with the question, it is about -- can you get this and other platforms? the fact that it is on hulu just as important to the show's success if the audience found it on hulu as it is on cw -- >> ben, why du care so much?
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family" everyn week -- i never watch it on tv. i buy it online. isn't that normal? don't we all watch tv on our laptops in bed? the threesubtract dollars a shot you are paying to download, that $75 is something that somebody else may know want to pay, and they have the option of watching on abc for free. >> you have got to be there on wednesday at 9:00 or something. >> i lost my your fees, hold on one second. ear my your hold on one second greg for luckily ben is a television professional. o >> stephanie, you gave me a smirk when i said i watch it on my laptop in bed. >> when i think about people on
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their laptops in bed -- >> i got you, i got you. >> he is watching sofia vergara in bed. >> that would be a great show. >> tell me in hollywood as it relates to court cutting, what are people in your position from the producer's standpoints, what are they most worried about? >> we are worried about how does the project get funded, and if people are not putting money into the ecosystem, will there still be buyers for our content and our shows when we create them? the concern i really have the most about his piracy. i am comfortable if cbs is going to use this streaming system as a way to keep healthy and to keep driving revenue and as a hedge against other players that they may have negotiations with because then cbs will continue to pour money into the system and find great programming. my biggest concern as a producer is that the cord cutting sucks
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the money out of the system so that people are not taking risks on investing in content up front . the thing i think that hollywood embraced with netflix as a system that is potentially encouraging that cord cutting as they in turn have spent more money on original programming than anybody else in the marketplace had, so they also put there money where their mouth is versus somebody like bit torrent or other players in the digital platform space who are not at all contribute money to that ecosystem and are not investing against original content. >> ben, when you heard that cbs was going to go with a separate platform, what was your reaction? >> well, i thought it was kind of shocking that leslie moonves was the first want to do that since he had been one of the early television broadcast pioneers who had resisted. he had opted out of being one of the original partners in hulu. he was one of the last ice to make a deal with netflix for contents, and then suddenly leslie is the most advanced
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thinker in the space. he is the guy doing second one amazon, he is leading the biggest fight with the cable companies about retransmission, and here he is launching his own streaming service, so i was very surprised that les did that, but then on the other side he is really an independent. he is a broadcaster who happens to show some as a sister company versus comcast in bc or disney or fox and all of its cable properties. i think there was a lot of strategy and him making that move, and i guess my instinct is a lot of it is a hedge. i do not think that he is probably thinking that is going to be the growth sector of our business going forward. >> all right, ben, we have to go, but i love to ask you this -- with exception of "jane the virgin," what do you love watching right now? >> i am loving "homeland."
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it is really working for me. i think the character quint is really awesome. i got the privilege of seeing "interstellar." i went to one of those intimate premieres that itben, we have to leave there. ben silverman, the chairman of electus. ♪
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>> live from bloomberg headquarters in new york, this is "market makers," with erik schatzker and stephanie ruhle. >> welcome back to "market makers." i am stephanie ruhle. >> and i am matt miller in for erik schatzker on this friday. you are momentarily looking -- no, you will not be looking at a live shot. we will be pulling it up shortly. we are waiting on new york city mayor bill de blasio holding a york'sriefing on new first patient diagnosed with ebola. we will bring you that as soon as he starts speaking, but as you can see, he has not stepped up to the mic yet. in the meantime, bloomberg's
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shelby holliday is outside new york's bellevue hospital where that patient is being treated, and shall be, you are hearing good news out of dallas. >> actually it is coming out of nih, but the first nurse to contract evil out of united states, nin -- contract ebola in the united states, nina pham, is now ebola free. for bill dewaiting blasio's press conference. we are expecting more details on the patient here in isolation in bellevue hospital in new york city and possibly details on his the on say he was also said to be here at the hospital in quarantine. there is a lot of news. doctors without borders made a statement saying in summary there is no way to minimize the risk of ebola spreading, especially when they have so many doctors and africa. there is no way to minimize that risk 20. >> the fact that we have gotten the nose hasat
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been "cured," as far as panic is going, many people who are uninformed simply believe if you contract it, it is game over. >> yeah, it is a very big statement, and i think it is important to note is that nine people in the united states have been hospitalized for ebola and only one so far has died, so it speaks volumes to the care that these patients are receiving. also the level of knowledge here in the united states, the ability to do things like incubation, extra mental drugs, blood plasma treatment in some cases, so it is very good news and we've also heard good news the secondr vinson, nurse to get ebola, and there is a lot of positive news. it has minimized panic and fear that the other people are being released and their blood is testing ebola free. >> can we somehow use their blood to help ebola patients who are currently infected?
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that is what happened with the first patient to came here and was cured or at least got better . she ended up being a benefit to other people who have gotten it. >> that is true. it is unclear at this point because of the lack of human er the wherthe blood treatment can help alone, and the fact that these people are in american hospitals really help their chances of surviving, but the light transfer treatment has been a huge focus in the past two weeks because it is said that if you have anybody's in your blood that can fight can transfuse that in another patient, they have a much better chance of their own blood fighting the virus and a much better chance of survival, so you are right, and the one thing that you need in order to be able to do that is a blood match, so dr. who was cured
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of ebola a couple of weeks ago, he has been donating blood, but his blood has to be a match for him to be able to give it to somebody.docx all right, shall become thank you for giving us the latest outside of bellevue hospital where the ebola patient is being treated. i want to bring them or rent -- dr. melinda moore with us on the phone from arlington, virginia. walk us through -- i don't want to see how panicked because i do not want to further this -- >> eighalarm. >> alarm. tele's hell concerned we should be as new yorkers were many of us use public transportation where we know officially have a case. >> thank you very much. i think new york appears to be doing everything right with regard to this case, and i hope and expect that the public of new york city will do likewise, and the way to do that is to be informed of how ebola is and is not spread. there is really every reason to
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believe that people who may even have been on the public transportation modes with dr. spencer, the other evening, really have no other cause for alarm. >> there is no concern that if you were holding the same handstrap, whatever they call those things on a subway -- if you were sitting in the same uber car, if you used the same bowling ball that he did, that you are going to get ebola. >> all of the experts are really saying that the risk is negligible for that. i expect that the contract tracing that new york city and new york state authorities and dr. freed and were talking about last night and perhaps that mayor de blasio will update shortly will really focus on all of the right people with all of the right information, the appropriate level of follow-up for them. >> do you believe the doctor who diagnosed with ebola should have been quarantined as soon a she returned from west
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africa to new york a week ago? anderson, he was mostly self or intending himself move outy did not ou of his apartment, and given he was a medical doctor who was wasting ebola patients, he more familiar than most persons who might contract the virus with a clinical disease, so that sluggishness that was reported last night that he may have had for a couple of days, my guess is that if you were responsible enough to self warranty for most of the time since his return, he did not believe that those were symptoms of ebola and they very likely may not have been symptoms of ebola until the following morning, yesterday morning, which would make him really not be a transmission risk to the hang straps, the seeds, etc. thank you for joining us, a professor at the party ran a graduate school -- rand graduate school.
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we will switch to my passion now. ford, the profits fell but not as much as wall street has projected as the company continues to grow its business in china. the company's cfo bob shanks. bob, pleasure having you on the program. let me ask you about the drop in profit, although you did better than wall street had estimated that pretax profit fell in every region except the mideast and africa. why is profit falling globally for ford? >> matt, it is great to be with you again. you are correct -- we were down in total across most of the parts of ford, but align with the excitations that we provided with our investor day in late september. three factors caused this. one is lower volume, north america, south america, two different reasons. it was higher warranty costs. recalls and north america. and thirdly with the strong dollar, we had an adverse balance sheet exchange effect
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mostly in south america and then europe. >> what about in china where you put up some record numbers? you surpassed we own a in terms to wield aurpassed in terms of market share, but used a profit site to $44 million in the asia pacific. why is that? >> because we are investing in even more growth in the. the head -- the periods aheaad. d. we're expanding production whether it is the shift or lines , that sort of thing come in and the launch of lincoln. we actually sold our first link today to a journal may come it was an mkz. we are excited for what is ahead for lincoln in china. >> i am sure you are excited for what is ahead for trucks, and could be ae new one game changer.
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adam jonas at morgan stanley said it is a great product but it may be far less profitable than the market anticipates. can you give us some idea of how profitable you expect the new f150 two b? -- to be? >> very. [laughter] we think it is going to be very profitable. game a it is a stunning product. mark fields, our ceo today, said in the call that we just started the up the launch curve of mass production and things are going great. we will have the product out to consumers at the end of the quarter. >> you are not going to give me a margin forecast? . >> good. there he good. -- very good. marketwondering if the shares falling is because of the changeover. our people holding back on
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buying the 2014 f150 in order to wait and get the 2015 trucks? >> it is really more us. there were two things that affected the u.s. share on a year-over-year basis. we pulled back on daily rental, balance, and that is us pulling back on basically supply and managing in mind you heading the incentives. we have had to manage our stock levels all the way to the second quarter because of the launch at now and the logic kansas city in the first quarter, so we are managing that to make sure we have enough supply out there. what you have enough supply next year when the new cars, not but new cars, including the new mustang, when they come out, do you expect a big bounce? are you under promising and expecting to over deliver in 2015?
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>> i have read that a lot. that is not our intent. to be very transparent and our calls, so i would not say that, but i do expect next year to be a much stronger year. topline is going to grow volume, revenue, as well as share, and certainly we think the profitability and the margin a going to improve substantially as well. >> i have to ask a final question -- fort has been investing ally, putting in new we heard you are going to pull a $2 billion investment in windsor, ontario. is that the case? >> well, we cannot pull out something that was never going, so know that is not the case. veryl right, bob, thanks much for joining us. i appreciate your time. i cannot wait to get into the new mustang got unfortunately, we have to leave it there for the car talk. back to ebolao go when we come back. ♪
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>> all right, we're waiting for a bill de blasio here, he is going to give a presentation, about theof new york, ebola situation. one health care worker came back to new york from west africa with ebola. we are going to discuss it and find out all about it when we come back from break. ♪
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>> can't remember that bottle of wine you had last night? maybe you drink too much. there is an app for that. vino it has been called the shazam of wine. joins us nownd ceo from san francisco. i am a huge shazam fan, so walk me through how this is going to work with my new favorite wine. first of all what we do
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is you can take any bottle of wine in the world, point your phone at the label, and we scan it for you and you will find any wine out there. we have a database of 4 million winds in our database, and you will get a rating and everything on that, so that is what we do. that is our core feature. >> you already have the information they can see on the label, so what extra information do you give the cornice or -- the connoisseur? walk into a supermarket and find a wall of intimidation, you do not have a lot of information. you have of course these beautiful labels, but you do not know how good it is, what other people say about it, so we have gathered all of this information for you so we have havegs and reviews and you whatever everybody is saying about this particular wine. >> how about price point? if i him having a bottle of wine
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in a restaurant and ice and $75 on it, will you tell me how much it will cost another retailers? knowing how much i am getting jacked in a restaurant. people to actually tell us what they paid for the wine, and that information is also available on the app, so i am not always recommending people to do that. they can be like that i pay too much for this, and that is fine, but we actually have that information, too. >> i think we always pay too much in a restaurant. is there informally -- is there a formula for how much a restaurant will charge you in a bottle of wine? >> it varies, but i think in the u.s. it would be like 2x. but there is something else included in the restaurant. >> it is interesting to crowd source things because you get fanatics, the real
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connoisseurs all in the same community together. what are you learning since you brought this app out about wine? >> we are of course learning all kinds of stuff. just to give you a little reference, we have over 6 million users on the app, which natalie makes it the whicht app but also -- not only makes it the biggest apple but also the largest wine app in the world. we do analysis on the data and what is coming in like bloomberg. in our piece we did a couple of days ago was about you guys in new york. it turns out you guys really like the french stuff, so when we see what people drink in the , in new york, it is 2.5 times the average of the u.s. >> i use vivino. can you help me figure out other wines similar to that that i might like because yes, you might find one that you like, but they may not carry it in the restaurant.
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is it possible to build a relationship with you based on my taste? >> for sure. that is the feature we launched last week. we are taking all of the wines we have him put them on 250 regional wine styles, and this will help locate a particular style. >> heini, we have to leave it there. vivino.of ♪
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>> that is it for "market makers ."
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today. we made it through this friday edition. >> thank you. whenyourself back one week we were royally panicked about the global economy, about global markets. look at us one week later. >> and the markets are up 5% from that wednesday where the second ebola case drove us down 3.5% and then the protection team boosted us back and now we are up 5% from there. >> paging ll cool j, called it a comeback. >> monday -- >> i will be here -- >> i probably won't be here. >> we will be speaking with who is tryingder to build the worlds best national park. i will tell you right now -- that sounds awesome. >> anything having to do with
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patagonia -- >> and a national park -- >> is right up my alley. blumer television is on the market. -- a bloomberg television is on the market. weekly rallyt since january 2013, yesterday, 1% jump. if you take a look at how they are right now, some momentum with the dow taking aim at triple digit gain. joining me now for today's options inside is scott bauer at trading advantage. scott, good friday to you. are we finally seeing some stability in these markets? we probably would have seen the market down 3%, 4% or so, and now we are just seeing a load of stability. x is down going to the weekends, so volatility is down,
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and quite frankly volume across the board is back to where we were maybe three weeks, four weeks ago pre-earnings. >> it seems perhaps the volatility is the new normal. one of the most actively traded , shares plunging, suffering their biggest loss in three month after hitting a one-year low. off by about 7% after the company reported its biggest quarterly net loss since 2003. lose ans now on pace to estimated $40.5 million for the year. the question, scott, is what are you seeing for the options market? are traders betting on a rebound perhaps later in the year? >> yesterday going into the earnings report, the option market was actually suggesting this move, about a 7% to 8% move, which based on where to close pre-earnings, was about this $25 move or so down to 290,
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so the option market was spot on. going forward, we have seen volatility get cut almost in half, and there is an equal amount of call being created now going forward even 3, 6, 9 months, even a year out right now, so i think with volatility settling into where it is right now, it is almost business as usual, but you look at amazon, and they went from a bookseller to selling everything else. maybe they even sell tacos, but the street right now is pretty negative on this stock. >> you can get tacos on amazon? >> the street right now is pretty negative that >> i'm quite have to look into that. it is lunchtime, who knows. trade. have a
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>> it is crossover, 200 day, we are looking above 65, i want a 65-70 call spread in november. i can do that for $.70 that is my max risk. i have limited downside. look for the upside here. >> we're going to leave it there, scott. enjoy your weekend. we will be on the markets again in 30 minutes. "money clip" is up next. ♪
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>> welcome to "money clip," where we tie together the best stories and interviews in business news. i am olivia sterns. media cutting the cord could we have an in-depth look at the phenomenon of people suffering their cable connection in favor of streaming. amazon faces its worst annual loss in 12 years. how much longer will investors tolerate jeff bezos' spending spree? we will tell


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